Q & A Saturday – Is my House Worth the Assessed Value?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate. Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game.

Today’s question is “Is my House Worth the Assessed Value?“

In this video Shaun talks about how a houses assessed value relates to the value of your house.

Some of the main points covered in this video are:

1) The assessed value is used for taxing purposes.

2) Assessed values can be high or lower than current market value.

3) Home owners should not give much weight to that when figuring out value.

A property’s assessed value has little to do with a property’s actual market value. These days it is pretty common to see assessed values that are less than current value. Of course a few years ago assessed values were almost always higher than the current value. The biggest issues with these are that there is often a large lag in the sales used to make the assessment vs. current ones that will indicate the market value.

Assessed values are one of many poor tools that home owners might use to value their properties (Looking at you Zestimates!). The only good way to try to determine current market value is to use recent sales of similar homes in your area. This is not that difficult to do but it will take a little work if you do not have access to your local MLS service.

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos. I encourage anyone that has things they would like to talk about to let me know what they are. You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.